Letter: Bring back the transaction tax

Tuesday

May 6, 2014 at 6:32 PM

We need a financial transaction tax. From 1914 to 1966, our country taxed all sales and transfers of stock. Today 40 countries have the financial transaction tax. The major financial transaction tax proposal, gaining support in the Untied States, calls for a 0.5 percent assessment on stock transactions. This would be about $300 billion to $350 billion a year for our treasury.

We need a financial transaction tax. From 1914 to 1966, our country taxed all sales and transfers of stock. Today 40 countries have the financial transaction tax. The major financial transaction tax proposal, gaining support in the Untied States, calls for a 0.5 percent assessment on stock transactions. This would be about $300 billion to $350 billion a year for our treasury.

Bill Gates, Occupy Wall Street, the Vatican and dozens of major economists, including Nobel laureates, are supporters.

A move is on with a banner “Robin Hood Tax:” led by National Nurses United, National People’s Action, Health GAP and Progressive Democrats of America.

We could use this tax to help grow our economy and help lower our national debt.